Funding Alert
Velocity invests Rs 4 Cr in Off Duty
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ByStartupStory | March 7, 2023
Velocity, a revenue-based financing firm, has invested a total of Rs 4 crore in Off Duty, the premium apparel and fashion brand, in several instalments.
Off Duty, a premium apparel and fashion brand established by Madina S Khan and Shahbaaz Khan in 2019, offers a range of comfortable everyday wear such as denims, pants, and trousers. The brand has recently introduced men’s denims as well. According to the company, it generated a revenue of Rs 4.5 crore in its first year of operation and is projected to achieve a revenue of around Rs 15 crore in the current financial year.
Velocity, a startup based in Bengaluru, provides revenue-based financing as a substitute to conventional venture capital funding and bank loans for e-commerce businesses in India. The company charges an interest rate ranging from 4-8%.
Velocity, which started operating in early 2020, has collaborated with more than 2,500 e-commerce businesses. The company’s platform is linked to fundable revenues worth Rs 3,300 crore, and it has already facilitated over 1,000 D2C (direct-to-consumer) investments. Among the companies in its portfolio are Power Gummies, SUMOOR, Crossbeats, Green Soul, WallMantra, BellaVita, WaterScience, and Setu.
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Clean-label food brand Anveshan has raised Rs 150 crore (nearly $16 million) in a Series B funding round led by Vertex Ventures Southeast Asia & India. The round also saw participation from International Finance Corporation (IFC), Swiggy co-founder Sri Harsha Majety, and existing investors including Wipro Consumer Care Ventures, Titan Capital Winners Fund, Force Ventures, and boAt co-founders Aman Gupta and Sameer Mehta. Entrackr had exclusively reported the development last week. According to Entrackr’s estimates, the funding valued the company at over $90 million. The fresh capital will be used to strengthen manufacturing capabilities, accelerate product development, expand offline distribution, and deepen its digital presence. The company also plans to invest in sourcing infrastructure, procurement systems, quality assurance, and testing capabilities while expanding partnerships with micro entrepreneurs and traditional producers. Founded in 2020 by Kuldeep Parewa, Akhil Kansal, and Aayushi Khandelwal, Anveshan sells minimally processed food products including A2 bilona ghee, cold-pressed oils, raw honey, atta, and other traditional nutrition-focused products. The startup operates through a network of rural producers and micro entrepreneurs across the country. Anveshan claims to be operating at an annual revenue run rate of Rs 280-300 crore and is targeting Rs 1,000 crore in revenue over the next 24-30 months. The company plans to expand its atta portfolio, strengthen its owned digital channels, scale offline distribution, and continue investing in product innovation. For the fiscal year ended March 2025, Anveshan reported a 64.6% increase in operating revenue to Rs 77.08 crore from Rs 46.84 crore in FY24. Its losses widened to Rs 11.88 crore in FY25 from Rs 5.74 crore in the previous fiscal year....
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